Industrial output rose in July
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Manufacturing News, Source : TheManufacturer.com
Published : 15 Aug 2002 21:34
Industrial output for manufacturing, utility, and mining production rose by a slight 0.2% in July, according to Federal Reserve’s latest report.
The increase marked the smallest gain since April and was mainly carried by production in the automotive industry. Auto production rose to an annual rate of 13.21 million for the month, up from 12.65 million in June.
“This slowdown was caused primarily by a sharp correction in nondurable goods production, which after growing by 0.5% during each of the past two months, dropped by the same amount in July,” said Jerry Jasinowski, president of the National Association of Manufacturers. “On the positive side, durable goods production, fueled particularly by motor vehicle production which soared 4.2% in response to strong consumer demand, rose a solid 0.5%.”
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